‘Clintonomics’ Will Make Things Worse
Continuing Obama's failed economic agenda would be a disaster
While one can raise numerous questions about Hillary Clinton’s foreign policy experience, when it comes to indicting her proposals, it is even easier to find fault with her economic plans — including her endorsement of the Obama administration’s policies.
Admittedly, Clinton’s weaknesses on national security represent low-hanging fruit. Still, during the presidential primaries, exit polling of both Democrats and Republicans ranked voters’ leading concerns as jobs, the economy, safety/security, and immigration.
Our economy is far too fragile to withstand four more years of these policies.
Let’s start with No. 1: jobs. In 2008, 80 million people were out of work. Today, that number stands at 94 million. While this president boasts creating 14 million jobs, he neglects to mention that 28 million went out the back door.
Fumbling the Torch
On Jan. 8, 1964, President Lyndon B. Johnson announced his “War on Poverty.” After leaving office, he handed the torch for that plan to his party — but it has long since sputtered out. This president, along with the same Democratic Party, has brought America nearly eight consecutive years of increasing poverty rates.
Our economic recovery has proved feeble. Obama will have the distinction of presiding over eight straight years of 2 percent gross domestic product (GDP) growth. This has never happened in our nation’s history — not a single year of GDP growth higher than 2.2 percent!
And during this president's tenure, government assistance has increased every single quarter. His administration even encourages people to apply for disability benefits through Social Security. Not surprisingly, these benefits are at record highs (14 million drawing a monthly check), with the strain threatening to break the system.
A Litany of Bad News
No wage growth has occurred during Obama's time in office. In addition, he has single-handedly created the highest health care cost increases every year for the last five years. These hikes are reducing discretionary spending — and the situation is getting worse.
We have virtually no consumer spending, zero productivity growth, lower industrial production and output, and lower production of durable goods. We are also seeing the longest duration of increased inner-city youth unemployment, also at historic highs.
Every year for the past four years, a majority of college graduates have wound up working part-time jobs outside of their area of study. Not surprisingly, the number of people ages 21 to 30 who are still living at home continues to rise.
The bad news piles up like a chain-reaction car accident on the interstate: the largest part-time work force in the nation's history, a labor participation rate at 1978 levels, six straight quarters of declining corporate revenues, the number of corporate insiders buying their own stock stuck at 1988 levels, and regulatory burdens that have gone through the roof.
I don't think I need to go on. For the past decade, the economy has been pathetic. The only thing that has climbed in this environment are the markets, thanks to the "false positives" created by central bankers around the world — Obama's only friends.
Our Fragile Economy
Amazingly, neither Donald Trump nor any other Republican leaders are challenging the mainstream media's assessment of the staggering debt the Obama economic plan has created. Clinton will continue the flow of red ink.
At the very least, they should be challenging our leaders and asking the question: "What are the differences between President Obama creating more debt than existed from George Washington through George Bush, and the so-called debt that would be created by Trump's plan?"
Republicans need to continually point out that Hillary Clinton will bring to the economy what we have seen during eight years of the same ideology. Our economy is far too fragile to withstand four more years of these policies.
Without some fundamental changes, the America that we will hand to our children will be a nightmare — one that can't be turned back to sound fiscal policy.
Dan Celia is president and CEO of Financial Issues Stewardship Ministries Inc., and host of the national syndicated radio talk program "Financial Issues," heard daily on more than 600 stations across the country.